Agreed, but it depends on the timespan too. If you need that within the next year then it"s worth getting a quote now. If you"re waiting to both have kids and have them grow up to need separate rooms then you have a lot of wiggle room.
Home buying thread
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true.... good point. We most likely won"t need the space for another 2 -3 years, so we could do chunks of it over bonus"s, OT and tax returns.
Little more research its looking like 25k or so, so would be tough for 9k a year extra, but looking at our current expenses we could put dents into it.
Little more research its looking like 25k or so, so would be tough for 9k a year extra, but looking at our current expenses we could put dents into it.
Pasteton
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downtown sf is full of highrises charging over 1 mil and well over. Just google infinity towers, millenium, four seasons, st regis, rincon hill, one hawthorne, just to name a few. These arent apartment style units; some are 2k+ sq feet and bigger than a lot of single family homes in the area.
I guess my second question then would be how hard is it to get a 2nd mortage say 3-4 years down the line if you have a place like this?
I guess my second question then would be how hard is it to get a 2nd mortage say 3-4 years down the line if you have a place like this?
Falstaff
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There is a building in Chicago that was going up when I was in graduate school that I would walk by everyday... 38 floors of one residence per floor. Each one is like 3600 sq. ft. with a 250 sqft terrace. They are easily $2Million+.Pasteton said:
Google 50 east chestnut if you want to see floor plans and pictures.
General Antony
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Big Phoenix
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Dunno, dont see why anyone would buy million+ high rise condos unless they wipe their ass with 100 dollar bills.
Comfortably, your mortgage shouldn"t be no more than 20-25% of your total income. Given your hypothetical, then you should be taking home about 40-50k a month, which means your income should be in the neighborhood of $800,000 to $1,000,000 pre-tax. Again, this is with knowing nothing else about you. I assume you have a family. If you are single, that figure can be substantially less.Pasteton said:
Not so comfortably, meaning the majority of Americans, you can aim for 50% of your income, which would mean making $200,000 to $400,000 gross annually. Of course, you could end up being one of the thousands of short sells I see all the time around here.
They don"t. Only idiots do that. The amount of money you save, if you truly are a millionaire, is negligible.TheCutlery said:
Let"s say you put zero money down, and your entire loan was interest only. Let"s use Pasteton"s example. He would deduct $72,000 a year on interest from his income. WHOOPDIFUCKINGDO if you really are making millions.
The people doing this are people making $200,000 a year and trying to play themselves off as millionaires.
Post-tax, sorry I wasn"t clear. Now that I"m reading my post, I used a double-negative also lol.Wizarddeath said:
Re-wording for clarity:
Comfortably, your mortgage should be no more than 20-25% of yourtake-homeincome.
Cad
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He"s not exactly right, but a minority of the "wealthy" people around me use leases on their houses through a business they are affiliated with. I"d imagine they use these leases in some complicated scheme of write-offs and business expenses.Izuldan said:
The majority of people around me (1 to 6 million $ homes) have normal, albeit large, mortgages and payments. One of my friends is an anesthesiologist and has a 2.8 million dollar house with like a $20k/month payment...
Yep, and I"ve seen the same, although in talking with some of the people leasing in my neighborhood, it"s nothing nefarious, some just want to see if they want to commit to the neighborhood, and one gentleman"s company pays his lease because he gets relocated every few years. Nice job perk, although I don"t know if it makes up for moving that often.Cad said:
I mainly posted that just to help people steer clear of Cutlery"s propaganda BS, you know, rich people are all cheating the system.
TheCutlery said:
Cutlery
Kill All the White People
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Okay dude, you"re right, the IRS doesn"t find all the tax games people play with shit. They may not find everyone, but they know all the fucking tricks.
There"s plenty of system cheating going on, and if you don"t believe it, you"re just blind. Or stupid. Probably stupid.
There"s plenty of system cheating going on, and if you don"t believe it, you"re just blind. Or stupid. Probably stupid.
Cad
scientia potentia est
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All I can say is out of the 20+ houses I did detailed investigation into buying in the wealthiest neighborhood in Dallas, not a one was a zero-equity interest-only loan. There were some houses with leases, but the landlords all had equity. Generally 20-30% since I was looking at fairly new houses. These were 1-2 million dollar houses in a neighborhood that ranges from ~$800k to $25M with > 50% of the houses in the 1-2 or 2.5 mil range. Your statement just isn"t fact.TheCutlery said:
Big Phoenix
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So the house i"ve been waiting on for a little over a year is back up for sale and has been foreclosed. When it was in short sale they were asking 150k (crazy price). It was put back up this week for 112k. The only offer it has had in the last two years was 45k, im trying to decide what to go with for an opening offer. I was thinking about starting at 55-60k and hopefully end up with it for somewhere between 70-80k. Any advice on where to start etc?
That"s not my beef with you. Of course there"s people gaming the system......RICH and POOR alike.TheCutlery said:
My beef is you are so prejudiced against rich people that you think ALL of them are cheats. Here, I"ll highlight it for you:
That"s just one example, I don"t want to go back and dig up more, but there there.TheCutlery said:
Meanwhile, I doubt you really know any millionaires, or people who live in million dollar homes, not living in Shittown, USA anyways. And I"m telling you, and Cad is telling you, that the vast majority of people that live in million dollar homes actually have standard mortgages....you know, because we actually are part of that community. The community you are just making assumptions are based on your own prejudices, and not actually any real data or experience.
But you can"t believe it, otherwise you would have to suspend your altered reality of how you view people with wealth. Unbelievable.
Oh, there"s rich assholes that game the system, no doubt. But maybe you don"t want to take a good look at what the middle class is doing also. I don"t know about your community, but here you can find the occasional home in the poorer neighborhoods with a big sign on their front lawn....."PALM READER". It"s a fucking joke that there seems to be a palm reader every other block in some of the poorer areas. Why is that? Fortune tellers just like slumming? Or do you think maybe some of them figured out that if you can convince the IRS that your home is the place of business, you can write off your mortgage?
The difference between poor assholes and rich assholes is just one of scale. Not all rich people cheat the system, just like not all poor people are innocent and hard working. It"s not that clean cut, there"s good and bad people in both groups. That"s where your stupidity lies, your failure acknowledge this fact and your blind hatred for rich people whom you have very little interaction with and who do not affect your miserable life.
You have very little wiggle room on short sales and foreclosures. Literally you can offer 110k and get rejected. The reason is that a bank is going to make the final decision on the price, not a regular human being who may emotionally agree to a lower price because they are panicked and have to sell.Lemeran said:
The 112k number is arrived at by the bank because they feel that"s the fair market value for the home. Now obviously this same bank came up with a 150k figure earlier and were wrong. Your problem is that they are in no hurry to sell. They have deep pockets and if they can"t find a buyer at that price, they will just take it off the market and re-post at a later date, like they already have.
Of course, you can go ahead and offer your low price, the worst that can happen is you get rejected, which isn"t going to cost you anything, just a little bit of time. Offer whatever you feel you want to pay for the home, there is no back and forth negotiating with a foreclosure, at least not to the degree there is with a regular sale. So if you think the max you want to pay for the home is $75k, just offer that. They will either accept or reject your offer, and usually not even bother with a counter-offer.
My caveat to this is this has been my experience in the California market, and I am extrapolating it to wherever your are, I would assume it"s not much different, but you may want to talk to some people in your state and see if this is the case.
Oh one more thing.....really do your research when buying your home, as far as what comps are in that neighborhood. Figure out how the bank came up with that figure. The more information you have, the more educated you are about the decision, the better off you will come off, and maybe the bank will see some of your points. For example, you should be able to tell the banker from memory how much homes are going for in that neighborhood based on $/sq foot. If the home you want (going to make up some numbers here) is 2,000 sq ft and is up at 112k, then that"s $56/sq ft. How does that stack up to the rest of the neighborhood? For example, if the home right next door is also 2,000 sq ft, but it"s owner occupied and going for $100/sq ft (in other words, $200,000).....then you would be hard pressed to get any wiggle room because you are already getting the foreclosure for a steal, unless it"s really fucked up inside and needs a lot of work. However, if the home next door is going for $65/sq foot (owner occupied and selling for $130,000).....well then, you can explain to the bank that their foreclosure price is a little high given the amount of renovation needed, and the fact you won"t be getting any allowance and you are buying the home as-is. Again, purely speculative examples, but they are more likely to be swayed if you come off as intelligent and obviously have looked into the matter.